Mortgage Renewal and Mortgage Transfers

When your mortgage renewal date is near, calling a mortgage broker at Western Canada Mortgage up to 5 months before your existing mortgage matures, can help you save money.

Mortgage interest rates have not been this low for many years. We can hold a mortgage interest rate for up to 120 days prior to your mortgage renewal. If mortgage interest rates go down, you get the lowest rate. If mortgage interest rates go up, you keep the rate that is on the mortgage approval or get the lowest mortgage interest rate during the 120 day period prior to closing, whichever is lower.

On a mortgage renewal, if your mortgage amount and amortization remain unchanged and you are moving to another lender, this would classify your mortgage as a mortgage switch or mortgage transfer. For this type of mortgage, there should be no legal fees incurred by you.

This is the time that you may be interested in changing your mortgage to a mortgage refinance and take a debt consolidation mortgage, as there would be no mortgage penalty on your existing mortgage at maturity and you could incorporate outstanding debt.